OpenFX
Stablecoin-based institutional cross-border payment and settlement infrastructure
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About OpenFX
OpenFX is cross-border payment and FX liquidity infrastructure offering round-the-clock foreign-exchange conversion and settlement that helps payment providers, fintechs and enterprises move funds quickly across markets.
Through APIs and a liquidity network, the project provides low-cost FX quotes and settlement, shortening cross-border processing time, with compliance and risk arrangements. Emphasizing speed, cost and availability, it serves institutions seeking more efficient cross-border flows and expands coverage through partnerships, making it a representative project in cross-border payments and FX infrastructure.
OpenFX was founded in 2024 by Prabhakar Reddy, a co-founder of FalconX, using stablecoins as the middle layer of cross-border settlement: the sender pays local fiat, the platform converts internally and moves value in stablecoins, and the recipient receives local fiat, with neither side touching crypto.
In May 2025, OpenFX raised $23 million led by Accel, with Castle Island Ventures, Faction, NFX, Hash3 and Flybridge participating, to build out liquidity across corridors.
On March 31, 2026, OpenFX announced a $94 million Series A co-led by Accel and Atomico, with Lightspeed Faction, M13, Northzone and Pantera joining at a valuation of roughly $500 million, bringing total funding to $117 million.
Scale followed: OpenFX's annualized cross-border volume rose from around $4 billion to more than $45 billion, 98% of transactions settle within 60 minutes, and it serves over 100 institutional clients including MoneyGram and Yellow Card.
OpenFX currently supports 15 currencies with about 105 employees across four continents; the new capital will expand coverage past 150 currency pairs and into Southeast Asia and Latin America, while betting that AI agents become the largest FX users.
On March 31, 2026 OpenFX closed a $94 million Series A led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera at a valuation of about $500 million, bringing total funding to roughly $117 million after a $23 million seed in May 2025.
OpenFX's annualised payment volume grew from $4 billion a year earlier to more than $45 billion, with over 100 institutional clients including MoneyGram, Yellow Card and payroll platform Alfred; 98% of transactions settle within 60 minutes across more than 40 currency pairs and 25 local rails, with over $20 billion processed cumulatively. The capital is earmarked for expanding to 150-plus pairs, entering Southeast Asia (India's UPI, Singapore's PayNow, Thailand's PromptPay) and Latin America, and growing a 105-person team across the US, UK, UAE and India. Its site lists CAD, HKD, INR, IDR, SGD, VND and THB going live in Q3 2026, with KRW, CLP and Nordic currencies in Q4.
OpenFX is betting on layers: rather than reach 8 billion users, it sells liquidity to a thousand institutions that each serve millions, with MoneyGram, Yellow Card and Alfred among more than 100 institutional clients. Annualised volume rose from USD 8 billion in May 2025 to USD 45 billion by February 2026, not because on-chain transfer got faster but because it owns collection, FX and last-mile payout end to end. The 150-pair target is bounded by licensing and AML architecture in each corridor, an assumption being that every institution would rather not build multi-currency clearing itself, and Airwallex's USD 330 million Series G at an USD 8 billion valuation shows the capital bar in this race is still rising.
Prabhakar Reddy is founder and CEO of OpenFX. He holds a bachelor's in electrical engineering from IIT and an MBA from Harvard Business School, was an investor at Accel and CEO of Dramatize, co-founded FalconX in 2018 and started OpenFX in January 2024.
Karan Shah is chief of staff, from investing and operations, running cross-team coordination and launching the venture arm in October 2026. Katherine Mooney Carroll is general counsel, previously in US fintech law, covering legal and compliance architecture across jurisdictions, with Bauke de Vries doing the same for Europe. Nathan Hill heads experience after designing payments platforms; Harrison Mann heads growth from Miami; Dan McDade heads operations. Regional heads are Jack Vaughn for North America, Catherine Kaupert for Latin America, Anjli Amin for Europe, Miray Ozel for the Middle East, Rocco Puno for Asia-Pacific and Ankit Mehta for Africa and India, all reporting to the founder.
OpenFX offers 24/7 cross-border fund transfers with all-in pricing, keeping total cost as low as 0.01%–0.3%, far below the 3%–5% hidden fees of traditional banks.
In 2026 OpenFX agreed to acquire Embed, adding a Netherlands central bank payment institution licence passported across the European Economic Area and a United Kingdom Financial Conduct Authority electronic money institution licence, covering custody of client funds and e-money issuance.